Page 38 - Insurance Times April 2023

Digitalization is getting a lot of momentum in the Indian
industries and the insurance sector is obviously emerging out
to be one of the biggest beneficiaries – in regard to enhancing
its footprint, selling of new policies, settlement of claims and
creating digital intermediaries – as technology is playing the
crucial role in insurance outreach. Intermediaries and agents
are the integral part of the business to help reach insurance
penetrate into uninsured areas but in majority of the cases
insuretech is being used as the mean of distribution for existing
products to new customers.

Policyholders are now provided with an online platform to
get their policy immediately. Chatbots, allowing the
customers to open an online conversation window to raise
queries, are getting immensely popular amongst the
proposers & policy-holders of insurance industry.
From the above figure, it is evident that every year, the
number of Insurtech Partnerships is always increasing. As
Now-a-days technology offers the efficiencies needed to
per the expectation between 2015 to 2023, the
provide the service to consumers’ demand while enabling
global market of insuretech is expected to grow 41% annually.
carriers to streamline their processes and initiate, tailor &
There are lots of regulation issues exist in insurance sectors,
scale insurers’ product offerings. But insuretech doesn’t just
and many established insurers are intended to be reluctant
mean offering insurance products more speedily online -
towards those. Moreover, these set-ups require the thorough
companies involving themselves in insuretech have since
experience of the exposures of traditional insurers’ that they
exploded to include a vast, evolving system of interconnected
acquired while handling prudent underwriting &/or to
services and product offerings.
manage the ghastly disasters of catastrophic risks.
Factors which will contribute to growth of
Fintech is widely accepted in the entire financial landscape.
Insuretech in India are now given as below:
India adapted to Fintech much faster than other countries,
making it a fertile ground for
Factors which will contribute to growth of Insurtech In india
Insuretech to mature and grow
within India. A subsector of Fintech,
Insuretech is a term used to refer to
technology that is designed to
improve and enhance operations of
insurance players. With the backdrop
of Covid-19, more and more people
are resorted to digital modes of
buying insurance in India. This
pandemic has invariably changed
how people think about insurance –
for taking initiative to avail mainly the
health & life insurance policies.

A digital revolution is gently
Insuretech partnership expanded significantly during 2020 happening in India. The share of premium received through
at the backdrop of lockdown (arising out of pandemic Covid- an online channel in India is still small, but it is rising. It is
19) on the digital platform, that emerged as the dire need of proved through some of the surveys that consumers are using
common people in the entire global insurance market. more and more internet for searching appropriate products,
Insuretech Partnerships flourished globally till 2020 is as internet has become a trusted source of advice for them.
represented below: - So, as a glaring example, it is found that adopting digital

The Insurance Times April 2023 33